Kellogg started a business with the following transactions: Invested $35,000 into the business. Purchased supplies worth $4,200 on account. Sold goods for $18,500; these goods cost $11,200. Paid salaries of $2,300. What is Kellogg's net income after these transactions? (A) $3,000 (B) $4,500 (C) $5,000 (D) $2,500
Kellogg started a business with the following transactions: Invested $35,000 into the business. Purchased supplies worth $4,200 on account. Sold goods for $18,500; these goods cost $11,200. Paid salaries of $2,300. What is Kellogg's net income after these transactions? (A) $3,000 (B) $4,500 (C) $5,000 (D) $2,500
Chapter3: Income Sources
Section: Chapter Questions
Problem 79P
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What is Kellogg's net income after these transactions?
Transcribed Image Text:Kellogg started a business with the following transactions:
Invested $35,000 into the business.
Purchased supplies worth $4,200 on account.
Sold goods for $18,500; these goods cost $11,200.
Paid salaries of $2,300.
What is Kellogg's net income after these transactions?
(A) $3,000
(B) $4,500
(C) $5,000
(D) $2,500
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